Wind power: Wind power has been a major contender as the energy source of future. Some of the economic factors hampering the growth of the wind energy are the high estate rentals for wind farms and the high capital costs of turbines and connecting to the grid. However the operational costs of the turbines are very less.
Geothermal: Geothermal energy is another renewable source that can be used. The source is extremely successful in the volcanic regions of the world. The use of this energy to regulate the temperature of homes can be a viable option for replacing ACs and heaters. However, the construction of power grids based on this source is a costly affair.
Biofuels: With a small modification of a car engine, vehicles can be driven by biofuels such as ethanol, biodiesel, or used or unused vegetable oil. These biofuels are cheaper than petrol, have similar performance and emit less toxic gases. However the efficiency of the process in terms of gasoline as input and ethanol as output is still less and needs significant improvement.
Tidal Power: With many of the rivers drying up, the future of hydro power is going to be coming from tidal waves. The major issue facing this energy source is the high maintenance cost of the propellant turbines in the marine environment. However the return in terms of power generated is maximum for the minimum area covered in this case.
Wind energy provides us with a cheap low cost abundant energy source that can be used as an alternative to our current power grids. Over the years, wind energy production prices have gone down considerably thereby making it a cheap viable renewable energy source. The cost of generating electricity from wind comprises of:
Over the years, technological advances have made it possible to achieve large economies of scale, with larger turbines and plant size, more grid friendly power electronics, and cost